China Shipping Development Co (CDSC), China’s largest oil carrier, recorded a 16.9 per cent increase in 2008 profits, reported China Daily. Its net income climbed to Rmb5.37bn, on sales that increased 38 per cent to Rmb17.5bn.

The company’s performance was buoyed by rising demand for gasoline and other fuels in China, the world's second- largest energy user.

CSDC, part of China Shipping (Group), operates a fleet of oil tankers and dry-bulk vessels mainly for carrying coal. It has signed joint ventures and long-term contracts with its largest customers, including Baosteel and PetroChina Co.

The company plans to expand by 19 ships with total loads of 2.72m tons, comprising 14 oil tankers of 2.26m tons and five bulk ships of 460,000 tons.